'5p trick' could see Brits put away £3,400 in just one year

Money to the Masses hosts Damien Fahy and Andy Leeks shared a few more savings challenges for Brits to try out that will turn rainy days into your rainy day fund

Brits could crank up their savings by £3,400 in just one year by adopting a simple daily trick with their 5p coins. Experts have come forward with savvy saving challenges to help turn those washout days into a stash for a rainy day.

Money to the Masses hosts Damien Fahy and Andy Leeks have returned to their celebrated savings strategy showcase to dish out an update on new methods, tricks, and challenges for Brits keen to make saving dosh less of a drag. Similar to the 1p a-day scheme that went viral during the pandemic lockdown, Andy has stumbled upon a 5p twist to jack up your savings tally significantly.

He stated: "The 5p challenge, this is where you increase the amount you save every day by 5p. So you start with 5p, the next day you go 10p, the next day 15p and so on. If you continue that for a whole year, you'll actually end up saving £3,400."

The money mogul underlined that this nifty 5p challenge can be used in reverse too. When many folks kick-started the challenge afresh in January, starting it backwards gets the heftiest sums out of the way first. In this reverse method, you'd begin with socking away £18.25 on day one and drop 5p daily thereafter.

Andy's next two quirky savings challenges earned a thumbs-up from his co-host who dubbed them a "very British" approach to stashing cash, especially as one involves the Great British weather. He introduced the inspired rainy day challenge first.

The guru shared: "You put a set amount away every time it rains. So every time you look out your window and you get depressed that it's raining outside, that's your trigger to put say £5 into a savings account, £10 into a savings account and that can be your rainy day fund."

For those looking for a twist on their savings plan, the more intricate Weather Wednesday challenge might pique their interest. Participants are tasked to consult the weather each Wednesday and save a sum matching the temperature in Celsius.

Delving further, Andy revealed: "On a Wednesday you go in, you say; 'Oh, it's a high of 19.' So you put £19 away." He also suggested that those feeling the pinch could opt for saving the low temperature of the day as an alternative.

Damien Fahy founded MoneytotheMasses.com in 2010 to help consumers unable to afford financial advice better deal with their personal finances. He has 20 years of experience in the financial advice sector.

More than four million people a year use the Money to the Masses website. Among many things, he launched a free Money MOT tool desgned to help people improve their financial future in just a few minutes.